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National Pension Service

National Pension Service Portfolio holdings

AUM $132B
1-Year Est. Return 28.96%
This Fund
S&P 500
This Quarter Est. Return
+4.14%
1 Year Est. Return
+28.96%
3 Year Est. Return
+101.23%
5 Year Est. Return
+136.69%
10 Year Est. Return
+496.6%
AUM
$135B
AUM Growth
+$6.29B
Cap. Flow
+$3.37B
Cap. Flow %
2.5%
Top 10 Hldgs %
35.96%
Holding
577
New
25
Increased
383
Reduced
145
Closed
16

Top Buys

Rank Stock Value
1
SPOT icon
Spotify
SPOT
+$340M
2
CRH icon
CRH
CRH
+$246M
3
AMZN icon
Amazon
AMZN
+$207M
4
STX icon
Seagate
STX
+$194M
5
WDC icon
Western Digital
WDC
+$187M

Top Sells

Rank Stock Value
1
ALL icon
Allstate
ALL
+$99.4M
2
WDAY icon
Workday
WDAY
+$95.1M
3
SE icon
Sea Limited
SE
+$92M
4
PYPL icon
PayPal
PYPL
+$90.3M
5
CEG icon
Constellation Energy
CEG
+$90.1M

Sector Composition

Rank Sector Weight
1 Technology 32.83%
2 Financials 11.69%
3 Communication Services 10.61%
4 Consumer Discretionary 9.77%
5 Healthcare 9.19%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
NVDA icon
1
NVIDIA
NVDA
$5.42T
$9.34B 6.92%
50,106,700
+552,939
+1% +$103M
AAPL icon
2
Apple
AAPL
$4.57T
$8.21B 6.08%
30,195,243
+468,288
+2% +$126M
MSFT icon
3
Microsoft
MSFT
$3.71T
$7.02B 5.2%
14,508,829
+219,948
+2% +$110M
AMZN icon
4
Amazon
AMZN
$2.96T
$4.58B 3.39%
19,843,319
+904,136
+5% +$207M
GOOGL icon
5
Alphabet (Google) Class A
GOOGL
$4.33T
$3.9B 2.89%
12,468,650
+520,853
+4% +$149M
GOOG icon
6
Alphabet (Google) Class C
GOOG
$4.32T
$3.26B 2.41%
10,392,220
+206,444
+2% +$59.1M
PBUS icon
7
Invesco MSCI USA ETF
PBUS
$11.8B
$3.24B 2.4%
47,382,366
– –
AVGO icon
8
Broadcom
AVGO
$2.04T
$3.16B 2.34%
9,117,184
+257,019
+3% +$91.9M
META icon
9
Meta Platforms (Facebook)
META
$1.51T
$3.04B 2.25%
4,607,770
+137,571
+3% +$91.9M
IVV icon
10
iShares Core S&P 500 ETF
IVV
$902B
$2.82B 2.09%
4,119,355
– –
TSLA icon
11
Tesla
TSLA
$1.3T
$2.55B 1.89%
5,672,777
-8,786
-0.2% -$3.89M
JPM icon
12
JPMorgan Chase
JPM
$950B
$1.74B 1.29%
5,408,990
-41,885
-0.8% -$13M
LLY icon
13
Eli Lilly
LLY
$1.06T
$1.74B 1.29%
1,615,647
+23,415
+1% +$22.4M
BRK.B icon
14
Berkshire Hathaway Class B
BRK.B
$1.13T
$1.33B 0.99%
2,655,610
+108,502
+4% +$54M
V icon
15
Visa
V
$677B
$1.16B 0.86%
3,296,730
+63,203
+2% +$21.5M
XOM icon
16
ExxonMobil
XOM
$634B
$1.12B 0.83%
9,330,910
+113,295
+1% +$13.1M
WMT icon
17
Walmart Inc
WMT
$890B
$1.09B 0.81%
9,812,461
+651,720
+7% +$70M
JNJ icon
18
Johnson & Johnson
JNJ
$625B
$1.03B 0.76%
4,990,526
+63,957
+1% +$12.6M
MA icon
19
Mastercard
MA
$493B
$960M 0.71%
1,682,172
+107,831
+7% +$60.3M
ABBV icon
20
AbbVie
ABBV
$435B
$881M 0.65%
3,856,731
-77,989
-2% -$17.8M
NFLX icon
21
Netflix
NFLX
$309B
$879M 0.65%
9,372,071
+98,391
+1% +$10.6M
MU icon
22
Micron Technology
MU
$991B
$871M 0.64%
3,051,766
+236,257
+8% +$54.2M
PLTR icon
23
Palantir
PLTR
$413B
$850M 0.63%
4,783,713
+308,538
+7% +$55.9M
BAC icon
24
Bank of America
BAC
$442B
$834M 0.62%
15,163,763
+1,285,285
+9% +$67.9M
COST icon
25
Costco
COST
$420B
$793M 0.59%
919,193
-78,384
-8% -$71M
1
2 3 4 5

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National Pension Service's Q4 2025 Portfolio in Review

As of Q4 2025, National Pension Service held 577 positions worth $135B, up 4.9% from $129B the previous quarter. Its ten largest holdings account for 36% of the portfolio.

National Pension Service's Q4 2025 filing shows 25 new, 383 increased, 145 reduced and 16 closed positions. Its largest new stake was Spotify: 544,640 shares worth $316M. The largest sale was Allstate, an estimated $99.4M.

By sector, the portfolio is most concentrated in Technology at 33% of assets, down from 33% a quarter earlier, followed by Financials and Communication Services.

  • National Pension Service's largest Q4 2025 buy was Spotify: 544,640 shares worth $316M.
  • National Pension Service added most to Amazon in Q4 2025, an estimated $207M increase.
  • National Pension Service's biggest Q4 2025 reduction was Allstate, cutting an estimated $99.4M.
  • National Pension Service fully exited Kellanova in Q4 2025, selling an estimated $41.6M.
  • National Pension Service's ten largest holdings make up 36% of its $135B portfolio in Q4 2025.
  • National Pension Service opened 25 new positions and closed 16 in Q4 2025.
  • National Pension Service's portfolio value rose 4.9% quarter-over-quarter to $135B.

Based on National Pension Service's 13F filing for Q4 2025, filed 10 Feb 2026.